Case law

Cole v. Commissioner

64 T.C. 1091 · United States Tax Court · Sep 25, 1975

Neither the statute, however, nor any of the cases cited, except possibly Sandor, so qualify the taxpayer’s right, where he has properly adopted the cash method. … We think the record herein clearly establishes that there is no ground whatever for reliance upon section 446(b) and that resort thereto would amount to an abuse of discretion. [Fn. ref. omitted; 46 T.C. at 24-25 .]

Hug Co. v. War Contracts Price Adjustment Board

14 T.C. 621 · United States Tax Court · Apr 18, 1950

While the holders of the new stock and the notes had the right to elect four directors in the case of the petitioner’s default in certain respects the evidence clearly establishes that no action was taken by them toward that … of twelve months, the $500,000 amount and the $25,000 amount shall be reduced to the same fractional part thereof for the purposes of this paragraph. 348.2 Computation of Aggregate Receipts and Accruals. (1) In order to qualify

Hoopengarner v. Commissioner

80 T.C. 538 · United States Tax Court · Mar 21, 1983

Of course, reasonable wages paid in the carrying on of a trade or business qualify as a deduction from gross income. Sec. 162(a)(1) of the 1954 Code, 26 U.S.C. sec. 162 (a)(1). … The majority found that petitioner qualified for a deduction under section 212 "by virtue of his ownership of the lease.”

Okonite Co. v. Commissioner

4 T.C. 618 · United States Tax Court · Jan 29, 1945

By reference to the record it is readily established that the petitioner’s income from the sale of reels during 1936 and 1937 was understated. … Assuming that petitioner otherwise qualifies for credit under section 26 (c) (1), application of the specific statutory terms to petitioner’s financial situation is, however, fatal to petitioner’s contention.

Illinois Grain Corp. v. Commissioner

87 T.C. 435 · United States Tax Court · Aug 18, 1986

The court rejected a test which would have qualified the income as patronage-sourced simply because it was used to enhance the profitability of the business as a whole. … available that were temporarily surplus to its needs, it normally loaned the funds on a demand basis to the Central Bank for Cooperatives or, on several occasions, to other farm credit banks in its district, in compliance with established

Sherman v. Commissioner

9 T.C. 594 · United States Tax Court · Oct 7, 1947

to qualify or limit her use of the trust income. … Without the benefit of this latter clause, it would seem to be well established that the character and purpose of a trust are to be determined by the trust instrument itself in the light of those facts only which existed

Vickers v. Commissioner

80 T.C. 394 · United States Tax Court · Feb 14, 1983

Trading is open to anyone who can meet the margin and other requirements as specified by a qualified broker. … Petitioner’s transactions were clearly speculative.

Allcorn v. Commissioner

139 T.C. 53 · United States Tax Court · Aug 9, 2012

theless overwhelmingly the Commissioner’s error, and, if that refund resulted in a deficiency, the Commissioner clearly … This results from the IRS’s long-established position that once tax liability is established, the amount of interest is merely a mathematical computation

Hess v. Commissioner

31 T.C. 165 · United States Tax Court · Oct 24, 1958

The father qualified as a participating employee under each of the trusts. … , employees of those who established the trusts.

Baker v. Comm'r

118 T.C. 452 · United States Tax Court · May 29, 2002

In a notice of deficiency, respondent determined that the termination payment from State Farm was ordinary income and did not qualify for capital gain treatment. Discussion I. … Nature of Ordinary Income Respondent does not clearly explain his position as to the nature of the termination payment other than to argue that it is not taxable as capital gain.

Smith v. Commissioner

56 T.C. 263 · United States Tax Court · May 12, 1971

Each child thereafter executed an instrument establishing a trust designed to fund the annuities. … However, as we indicated in our Findings of Fact, the record before us does not clearly establish the precise chronology of the transactions which occurred between late June and early August of 1964.

Von Tersch v. Commissioner

47 T.C. 415 · United States Tax Court · Jan 20, 1967

In our opinion petitioner has failed to establish all of the elements which the Supreme Court of Iowa has declared are essential to establish a common-law marriage, in the year 1962. … Whatever their relationship may have been in 1962, it was clearly not the legal relationship of a husband and wife.

Barnette v. Commissioner

95 T.C. 341 · United States Tax Court · Sep 24, 1990

Based on the facts established by Halper’s criminal conviction and incorporated in the civil suit, the District Court granted summary judgment for the Government on the issue of liability. … The instant cases are clearly distinguishable from Halper. First, we may immediately discard petitioner Allied Management Corp.

Osteopathic Med. Oncology & Hematology, P.C. v. Commissioner

113 T.C. 376 · United States Tax Court · Nov 22, 1999

’s method does not clearly reflect income. … The provision does not establish a dichotomy between use and sale, as suggested by the majority. 5 See, e.g., De Modena v. Kaiser Found.

Historic Boardwalk Hall, LLC v. Comm'r

136 T.C. 1 · United States Tax Court · Jan 3, 2011

Rehabilitation and Operation of the East Hall Bank accounts were established by SMG as agent for Historic Boardwalk Hall. … The regulations clearly indicate that a development fee is a qualified rehabilitation expense. Sec. 1.48-12(c)(2), Income Tax Regs.

Stamos v. Commissioner

87 T.C. 1451 · United States Tax Court · Dec 30, 1986

Petitioner also served as one of the directors of the Mark Rothko Foundation (the foundation), which was established by Mark Rothko in 1967. … The Court will not permit a party to a stipulation to qualify, change, or contradict a stipulation in whole or in part, except that it may do so where justice requires. * * * Stipulations that specific evidence will not be

Claridge Apartments Co. v. Commissioner

1 T.C. 163 · United States Tax Court · Dec 4, 1942

If they are fatal here, then it is difficult to envision any plan growing out of an equity or 77B receivership which would qualify under section 112. We can not believe such a result was intended. … $229.02 is not only negligible under the circumstances, but we may take notice that it co.uld reasonably have covered only such items as cost of petitioner’s incorporation, stamp taxes, printing bills and the like, which were clearly

Madison Newspapers, Inc. v. Commissioner

47 T.C. 630 · United States Tax Court · Mar 24, 1967

But this background is of limited significance in determining whether an investment made before the legislation became law should or should not qualify. … Following the pattern established by the regulations respecting accelerated depreciation (see sec. 1.167 (c)-l.

Stern Bros. v. Commissioner

16 T.C. 295 · United States Tax Court · Feb 8, 1951

They were purchased to qualify D. H. O’Leary, an employee of petitioner, on the board of directors of Cook Paint. … Petitioner claims that it kept its books on a strict cash basis which clearly reflected its income during the taxable years.

Pulpit Resource v. Commissioner

70 T.C. 594 · United States Tax Court · Jul 31, 1978

, educational, and charitable purposes and qualifies for exemption under Code section 501(a) and (c)(3). … and charitable purposes and qualifies as an exempt organization under section 501(c)(3) of the Code.